How do I cash out refinance a gifted house?

[Mitch B.]

My father has decided to gift his rental to myself & 2 siblings. I'd like to buy my siblings out & they are ok with that. The plan is to determine a sell price we all can agree upon, so we hired an appraiser & now have that #. The next step would be for my dad to quit-deed the house over to myself & in turn, I would pay my siblings their 66% share of that agreed sell price.

My plans were to pay the 66% with a conventional cash out refinance that would coincide with the title transfer but my mortgage guy told me the HUD guidelines call for the title to be in my name for 6 months before I'm eligible to refi against the property.

That said ( if that is a true HUD requirement) I believe my next best options are to:

1. Use a local/portfolio lender & pay the roughly 1% higher interest rate ( not great but doable)

2. Use my cash reserves to pay the 66% share, then get it back after I refi in 6 months.

3. Get my father to sell the house to me for that same agreed sell price & he splits the sale proceeds across us 3 kids ( minus the taxes he will incur at the end of the year & we won't need a realtor for this so no commissions are in play ). A benefit here would be that the cost basis for me would reset since currently the house is currently fully depreciated. Also I would have a conventional HUD loan on day one & don't have to use my cash reserves ( except for the down payment that I would get back the next week when I receive my 33% share from dad.

Am I missing anything here?

Many thanks,

Mitch